风险投资研究主流领域的因与果——基于管理学视角

Cause and Effect of the Mainstream Field of Venture Capital Research Based on the Management Perspective

在简要阐述从管理学角度进行的风险投资研究发展的轨迹之后,用一个图式来说明风险投资流程的各种视角、各个分析层面、不同阶段和其中的参与角色等多维风险投资研究领域的扩展,并在此基础上来探究管理学视角下风险投资主流研究领域出现的前因后果。从主流研究对象来看,大多数研究关注机构化风险投资公司类型、投资者的视角以及风险投资周期中的筛选和/或监管阶段,而某些重要的研究领域被忽略了(比如对天使投资的研究)。从主流研究理论或方法来看,代理理论已经成为对主流研究对象所采用的主导方法,但其严格的假设却让研究者过于脱离风险投资的实践。最后对主流研究领域面临的挑战进行了分析。

This paper briefly explained the development track of the venture capital research from management perspec- tive, and illustrated the expand of multidimensional venture capital research from the angles such as various perspectives on investment process, various analysis levels, different stages and the participate roles in them. On this basis, the cause and effect of mainstream field of venture capital research were explored from management perspective. It is pointed from from the view of study object, most research focuses on the types of institutional investment company, the views of inves- tor, and the screening and/or regulatory stage in investment cycle, which ignores some important research fields （ such as angel investment research）. From the view of research theory or methodology, agency theory has become the dominant method adopted, but its strict assumptions might be too far away from reality. In the end, the challenges which the main- stream field of venture capital research faces now are discussed from management perspective.